The days are long gone when we had to enter the financial and other details of our businesses into long hard binder notebooks by hand. There are computer software and even robots, though the second one might cost you a lot more, to help you keep track of the quantitative aspects of a business faster, better, and cheaper.
Accounting, one of the most neck cramping work in keeping a business, has been made simpler these days with the help of multiple accounting software. This software not only makes the accounting process easier and faster, it also significantly reduce expenses by cutting out the staff expenses. Accounting software helps process financial transactions like invoicing, amounts payable and receivable, tax compliance, etc. Tally and QuickBooks are two of the best accounting software.
QuickBooks was developed by Intuit in 1983 and is one of the best accounting software out there to streamline accounting-related tasks. Even though it can be used for big companies too, Quickbooks is more suited to freelancers and small to medium size companies. QuickBooks have offices all around the world and is available on an international level. QuickBooks is loaded with features in a user-friendly manner. It offers remote accessibility, remote outsourcing and payroll assistance, electronic payment features, online banking and reconciliation, marketing and mapping options through Google, and an advanced email facility through Outlook express and Outlook Microsoft Outlook. It also has an Excel spreadsheet, employee time tracking option, and pre-authorization of electronic funds. QuickBooks online services offered by Intuit provides the user a 30-day free trial and allows the users to pay a monthly subscription fee rather than an upfront payment.
- Has made tax management and expense tracking much simpler.
- Affordable monthly prices and even better deals for freelancers.
- Have no industry specific features.
- Has a restriction on the number of users.
Tally is an ERP accounting software. It is used to record the day-to-day business data of a company. The latest version of this is Tally ERP 9. It is a complete software for all sizes of businesses. The latest version is GST equipped with an ideal combination of control, function, and inbuilt customizability. Tally has become a part of all businesses and makes calculations really simple as it carries out efficient business transactions, provides accuracy, and saves a lot of time. It has helped reduce the chances of error to a great extent. It helps store the business transaction of each account in detail. The software has enabled the digitalization of bills and signatures, thus staying up-to-date with the latest technology.
- It is a more holistic tool that provide industry specific features
- Has a highly useful payroll feature that enables you to pay your employees automatically each month.
- The interface of Tally is dated.
- Tally requires you to purchase an annual TSS subscription to unlock remote access and up-to-date functionality.
Quickbooks V/S Tally:
- Quickbooks caters best to freelancers and small businesses whereas Tally is best suited for bigger businesses.
- Quickbooks focuses more on keeping the accounts of a business like invoicing, tax deduction etc. whereas Tally helps with much complex operations like doing the inventory, GST related functions and project management level features.
- Quickbooks have a maximum registration restriction of 25 users whereas Tally doesn’t have an upper limit for the number of users.
- Quickbooks exist as both a website as well as a mobile app, whereas Tally is available only as a website.
- Quickbooks is cheaper in comparison.
- Quickbooks is more user-friendly,
The world around us is changing. Companies are no longer looking for just an accountant. Instead, they are looking for accountants who know how to handle these software and in turn have a better overall performance. Certification in Tally or Quickbooks can provide one with a considerable head start in the career journey, making them a much more desirable candidate compared to the rest. The world is opening up with a number of new opportunities each day. Getting a certification in reputable software like Tally or Quickbooks can get you a step closer to them.